THE INSIDER: Otedola acquires additional 2.5% stake in FBN Holdings, becomes single largest shareholder

Femi Otedola, billionaire businessman, has acquired an additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company, TheCable understands.

FBN Holdings is the parent company of First Bank of Nigeria (FBN).

The move, insiders told TheCable that it now placed Otedola’s stake far above the controversial partitioned shares of Tunde Hassan-Odukale, another shareholder.

Hassan-Odukale’s indirect shares were partitioned into two: 4.16 percent and 1.20 percent — in what the National Pension Commission (PenCom) described as funds belonging to retirement savings account (RSA) holders.

The insiders also confirmed TheCable’s earlier report about Otedola’s moves to acquire more shares and poised to become the chairman of the bank as the single largest shareholder.

Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.

After regulatory approvals, Otedola will now nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.